Stock exchanges seek reply from Future Group cos on price movement
Tuesday - June 30, 2020 7:47 pm , Category : BUSINESS
New Delhi, June 30 (IANS) BSE has sought for a clarification from Kishore Biyanis Future Retail and Future Enterprises on the significant stock price movements."The Exchange has sought clarification from Future Retail Ltd on June 30, 2020 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded. The reply is awaited," the BSE said in a communication.The shares of Future Retail have been going up amid buzz that Mukesh Ambani's Reliance Industries Limited (RIL) is reportedly looking to buy Future Group entities or parts as Kishore Biyani struggles with debt laden companies.The stock opened at a high of Rs 140 and closed the day at a low of Rs 128.95. The previous close of the stock was Rs 135.70.The BSE on Tuesday also sought a clarification from Future Enterprises. In its reply, the company said that Future Enterprises Limited has been following its Corporate Governance Code and practices prescribed thereunder read with applicable provisions of the listing regulations for the purpose of intimating stock exchanges and dissemination of information, including which may be considered as price sensitive and in connection with its operations/performance."All such information/ announcement, to be provided in accordance with the requirements prescribed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015, concerning matters prescribed thereunder, are intimated immediately pursuant to the decisions taken by the Board of Directors of the company from time to time and as and when any reportable event takes place," it said."At present there is no such decision of the Board, which could have a bearing on the movement in price referred under the captioned letter," it said.Another group company, Future Consumer, was scheduled to hold a board meeting on Tuesday which stands cancelled.The exchanges had sought a similar clarification from the group company, Future Consumer, on June 26.The company in its reply said that Future Consumer Limited has been following its Corporate Governance Code and practices prescribed thereunder for the purpose of intimating stock exchanges and dissemination of information, including which may be considered as price sensitive in relation to the business operations or performance of the company."Further, please note that all information/ announcement to be provided in accordance with the requirements prescribed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, concerning matters prescribed thereunder are intimated in terms of the aid Code and pursuant to the decisions that may be taken by the Board of Directors of the company from time to time," Future Consumer said."Presently there is no such decision that is taken by the Board of Directors of the company which may call for dissemination of information/intimation to be provided in terms of the aforesaid regulations. We therefore submit that, in relation to the movement in price of shares of the Company which is market driven, we have nothing to comment further, which you may please take note of," Future Consumer told the exchanges.